That commitment also brought confidence to investors in the stock market. There were countless times in 2017 when the stock market reached and closed on new record numbers. In fact, 2017 was one of the best years for the stock market since 2013. All the major stock indexes rose to never-before-seen numbers in 2017, thanks to this administration’s focus on deregulation and tax cuts for all Americans.
During the Obama administration, the U.S. economy was stifled by the bureaucratic practices and red-tape burdens created by an overactive federal bureaucracy. Hundreds of rules and regulations from the previous administration did not protect consumers and the workforce as intended. Instead, overregulation took away thousands of job opportunities, crippled small businesses and killed American ingenuity. Under the Trump administration and Republican Congress, deregulation has been a major success. So far, dozens of regulations have been eliminated, and more are certain to be added to the list. Regulatory relief not only saves the government billions of dollars, it enables major businesses, corporations and workers to grow and thrive in a competitive market.
In addition to milestones in the stock market, the U.S. unemployment rate has remained exceptionally low. Recently, the unemployment rate fell to 4.1 percent, the lowest it has been in 17 years. And overall, the U.S. economy added more than two million jobs last year. These kinds of numbers and positive assertions of job growth have not been seen since the 1990s.
Many of these recent economic boosts can be attributed to the passage of the tax reform bill, which is certain to bring increased investments into the American economy, hundreds of thousands of new jobs, and major, large tax cuts for the American taxpayer across the tax code spectrum. Almost immediately after passage, many companies and corporations pledged to invest billions in the U.S. economy after receiving a large corporate tax cut. In turn, large investments will support job creation and encourage consumer spending. Furthermore, numerous corporations have committed to giving employees substantial year-end bonuses or increasing hourly wages. All of these factors help the U.S. economy in the long run and contribute to robust economic growth.
A healthy economy leads to confidence on the part of both investors and consumers. I am optimistic that 2018 will bring continued growth and economic opportunity. The economy is poised to continue bearing fruit for all those seeking financial stability – small businesses, large corporations and the American workforce. This is just the beginning of what seems to be a promising future for the American economy. I look forward to working with the construction equipment industry to ensure sustained growth and prosperity for years to come.
Congressman Tom Cole is in his eighth term representing Oklahoma’s fourth congressional district. Rep. Cole is a member of the House Appropriations Committee, where he is chairman of the Subcommittee on Labor, Health and Human Services, Education and Related Agencies. He also serves on the House Budget Committee and the House Rules Committee. In addition, Rep. Cole is a deputy whip for the House Republican Conference.